In a bid to reduce under recovery burden, Indian Oil Corporation (IOC) is planning to continue with once a month diesel price hike. The company will hike the diesel prices at June end. The company’s diesel under-recovery stood at Rs 5.67 per litre.
While, the company’s full year under-recovery is expected to be over Rs 1 lakh crore. The company, earlier on May 23, raised diesel prices by about a percent in-line with the flexibility given by the government.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.